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IRS: First Refunds Out Next Week

tax formThe Internal Revenue Service expects the first refunds will got out to taxpayers next week with many paid by mid-to-late February as in past years. The agency made that statement as tax season opened this week and it works to return operations to normal following the government shutdown.

 

This is the first filing season to reflect the full impact of the major changes made by the Tax Cuts and Jobs Act and the IRS pointed taxpayers to Publication 5307, Tax Reform: Basics for Individuals and Families, and Publication 5318; Tax Reform What’s New for Your Business. 

This year’s filing deadline is Monday April 15, expect for those in Maine, Massachusetts and the District of Columbia. Because of Emancipation Day on April 15, in the two states and Emancipation Day on April 16 in the District of  Columbia, those in the two states and D.C. must file by the end of April 16 

By law, refunds for returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit cannot be issued before February 15. 

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